The last time the 50-day line crossed above the 200-day was more than a year ago, when the company pivoted to buying Ethereum.
- Lee said Bitmine has executed the largest buyback in the crypto industry ever, at 21 million shares or $350 million.
- While Bitmine shares have more than doubled from their June lows, the stock still remains 59% below its 52-week high.
- As of last week, Bitmine’s Ethereum holdings topped 6 million tokens, accounting for about 4.9% of the supply, with total holdings at $17.2 billion.
Bitmine Immersion Technologies (BMNR) stock has formed a golden cross for the first time since its rally after the Ethereum (ETH) pivot.
According to data from Koyfin, Bitmine’s 50-day average was $22.15 on Wednesday, above its 200-day average of $21.73. The last time the 50-day line crossed above the 200-day was on 30 June 2025, the very day the company pivoted to buying Ethereum in its corporate strategy.
A golden cross occurs when a stock’s short-term moving average crosses above its long-term average. Traders consider this a bullish signal for the asset, although the indicator is a lagging one.
Bitmine closed Tuesday at $26.73, up about 109% from its June low. However, the stock is 59% below its 52-week high of $65.60.
At the time of writing, BMNR’s stock traded flat in midday trade. On Stocktwits, retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter dropped to ‘low’ from ‘normal’ levels over the past day.
Bitmine’s Record Buyback Marks The Stock’s Bottom, Tom Lee Says
The company’s July stock repurchase “made the bottom” for the stock, Bitmine chairman Tom Lee said in an interview at Korea Blockchain Week Wednesday.
“We’ve also executed the largest buyback in the crypto industry ever: 21 million shares or 350 million. And it was done in July. We literally marked. We really made the bottom for Bitcoin. That was the bottom for the stock. And then a month later, you know, our production almost doubled in price,” said Lee.
Since July, Bitmine has purchased 20.8 million shares in buybacks. The company’s Ether holdings exceeded 6 million tokens this week, or 4.9% of supply, with its total holdings being $17.2 billion.
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